AIR freight rates on intercontinental routes out of Asia continued to rise in October, particularly on Asia-Europe and transpacific services.

Average prices on services from Asia to North America were up by 17.7 per cent year on year in October to stand at US$4.05 per kilogramme, according to data from the Tac Index, reported London's Air Cargo News.

October's result is also an improvement on September when airlines were able to secure $3.78 per kg and October 2015 when the average rate on the route amounted to $3.37 per kg.

Aside from rates rising on services to North America, prices on flights to Europe also recorded year-on-year increases. Tac Index figures show that average prices in October were up 13.2 per cent to reach $2.57 per kg, following on from price gains in September when rates stood at an average of $2.43 per kg.

The fact that prices on the routes are above the levels recorded last year and in 2015 reflect the strength of demand growth registered so far this year, which stood at 10 per cent over the first nine months, according to IATA. Taking the strength of the market into account, several carriers have announced rate hikes.

However, performance on the Frankfurt-North America route was not quite so strong as average prices fell 1.6 per cent year on year in October to $2.42 per kg.